In a addition to providing bank account and rate information that is updated in real time, the My Bank Tracker site enables registered users to post reviews and recommendations on banks and services via a social networking interface.

Furthermore, the site says it offers a commentary explaining various investment terminologies in "basic English" rather than legal jargon.

Alex Matjanec, media and communications, My Bank Tracker, says the site is designed to present information through a visually uncluttered and an intuitive user interface where consumers can interact with each other and where banks can present product offerings.

"With the launch of My Bank Tracker, we're taking the personalisation and social networking movement a step further by leveraging the power of the Internet and of consumers, to inform and educate in ways that were up until today lacking for traditional institutions such as banks," says Matjanec.

Mortgages, credit card and a SMS-based rate alert systems will be added to the site over the next few months.